Pilot program; establish for community and junior college facilities performance contracting.

SB 2607 establishes a 7-year pilot program allowing Mississippi community and junior colleges to use performance-based contracts for facility improvements, operations, and maintenance. These contracts would let schools partner with contractors who guarantee cost savings (like reduced energy expenses or avoided future repairs), with payments tied to verified savings instead of upfront costs. The bill expands what counts as "savings" to include avoided capital expenses (e.g., skipping future equipment replacements) and removes the previous 20-year payback limit for such contracts. It requires specific contract terms, competitive procurement, and annual reporting to track savings and ensure accountability for participating institutions.